The Europe Musical Instruments Market would witness market growth of 4.1% CAGR during the forecast period (2023-2030).
A significant trend in the market for these instruments is the personalization of instruments like electronic guitars and pianos. Industry leaders offer individualized products that are aesthetically pleasing and of superior quality. Patrons can customize their instruments in dimensions and contours and select from an assortment of premium exotic and traditional hardwood options for the inlays and guitar necks. Thus, customization and individualization of electronic guitars contributed substantially to expanding the market.
The surge in the prevalence of live musical performances and concerts is a significant catalyst for expanding the market. Rather than being confined to recorded music or newly released tracks, audiences increasingly gravitate to live concerts. Another contributing factor to the increasing prevalence of live musical performances and concerts is the development of audio technology and the widespread use of social media platforms (Facebook, Instagram, YouTube). Numerous musicians have garnered international acclaim and focus as a consequence.
According to the International Trade Administration, Germany's e-commerce industry is one of the largest in Europe. The total number of e-commerce consumers, internet penetration, and annual average expenditures are all higher than the European average. In 2021, total sales reached USD 127.5 billion, a 24 percent increase over 2020. The robust e-commerce industry in Germany can be attributed to the large percentage of the population (81 percent) that possesses a smartphone. E-commerce platforms offer various instruments, including guitars, keyboards, drums, and other equipment. This variety allows consumers to explore different brands, models, and price points, catering to a broad spectrum of musical interests. Therefore, the factors mentioned above will propel the market growth in this region.
The Germany market dominated the Europe Musical Instruments Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $877.8 Million by 2030. The UK market is exhibiting a CAGR of 3.1% during (2023 - 2030). Additionally, The France market would experience a CAGR of 4.9% during (2023 - 2030).
Based on Type, the market is segmented into Stringed, Keyboard, Brass & Woodwind, and Percussion. Based on Distribution Channel, the market is segmented into Specialty Stores, Online Sales Channel, and Supermarkets/Hypermarkets. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Musical Instruments Market will Hit $16.7 Billion by 2030, at a CAGR of 4.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eastman Music Company, Fender Musical Instruments Corporation (Servco Pacific Inc.), Casio Computer Co., Ltd., Steinway, Inc. (Paulson & Co. Inc.), Kawai Musical Instruments Manufacturing Co., Ltd., Yamaha Corporation, Guangzhou Pearl River Piano Group Co., Ltd., Yanagisawa Wind Instruments Co., Ltd., C. F. Martin & Co., Inc. and Roland Corporation
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